Bitcoin has soared in recent days, reaching $40,000 for the first time this month to test resistance.
Just a few hours earlier today, the price of Bitcoin increased by more than ten percent, with prices fast rising from around $35,000 to just shy of $40,000 on July 26.
In the price action, we can see a dramatic short squeeze that happened as soon as prices broke above $35,000, with bullish momentum abruptly quickening as prices quickly surged 15 percent from about $34,000 to $39,800 in less than three hours.
And folks, we have our squeeze. https://t.co/Lflcp7MZuw
— Willy Woo (@woonomic) July 26, 2021
Bitcoin, on the other hand, had gained around $30,000 over the previous five days, bringing it to $34,000. Bitcoin is currently trading for approximately $38,500 at the time of writing.
As reported by CoinMarketCap, Bitcoin has been the top gainer among the top 30 crypto assets by capitalization during the past 24 hours, achieving a gain of about 13 percent.
Many technical indicators have returned to providing optimistic signals as a result of the rapid rise, with prominent analyst Lark Davis noting his 426,000 followers that Bitcoin’s price is once again going above its 50-day moving average as a result of the rally.
Oooohhhh….. #bitcoin just reclaimed the 50-day moving average! Nice! pic.twitter.com/xpS3kiUV16
— Lark Davis (@TheCryptoLark) July 26, 2021
Aside from Polkadot and Chainlink, which have both gained more than 11 percent in the past 24 hours, the following stocks are among the day’s biggest gainers:
With Dogecoin trading at less than 9 percent for the day, it appears that the influence of Elon Musk’s Twitter account on the meme-markets coin’s is beginning to wane. On July 25, Musk posted a meme declaring that “Dogecoin is money,” which was quickly deleted.
However, despite Musk’s efforts, Dogecoin appears to have tracked the broader altcoin markets, with most large-cap crypto assets seeing high single-digit gains for the day.
#Bitcoin is money
— Jay_OKEX_CEO (@JayHao8) July 25, 2021
The cryptocurrency Ether is also trailing the pack, with a gain of almost 7 percent in just the last 24 hours, despite next month’s rapidly approaching London upgrades.
As a result, ETH has been the worst-performing cryptocurrency among those rated among the top ten by market capitalization over the last day and a half.